Vilas Transcore IPO Subscription Status

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 29th May 2024 - 05:50 pm

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Vilas Transcore - IPO subscription Status on Day-3

As of 5.30 pm on 29th May 2024, out of the 43.09 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Vilas Transcore saw bids for 8,826.86 lakh shares. This implies an overall subscription of 204.85X at a macro level at the close of Day-3 of the IPO. That was the last day of the IPO subscription. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Vilas Transcore was as under:

QIBs (114.64X)

HNI / NII (2449.56X)

Retail (151.42X)

The subscriptions were led by the HNI / NII investors followed by the Retail investors and the QIB investors in that order. The QIB quota and the NII / HNI typically gather most of the momentum on the last day, and that was the case in this issue also in the case of the HNI / NII bids and the QIB bids. There is a reason for this last day rush. The HNI / NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids, including the trust bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion and also the market making portion in the IPO.

Investor
Category

Subscription
(times)

Shares
Offered

Shares
bid for

Total Amount
(₹ in Crore)

Market Maker

1.00

3,26,000

3,26,000

4.79

Anchor Quota

1.00

18,45,000

18,45,000

27.12

QIB Investors

114.64

12,31,000

14,11,22,000

2,074.49

HNIs / NIIs

449.56

9,24,000

41,53,98,000

6,106.35

Retail Investors

151.42

21,54,000

32,61,66,000

4,794.64

Total

204.85

43,09,000

88,26,86,000

12,975.48


Data Source: NSE

The IPO was open up to May 29, 2024, and has closed for subscription as of the close of Wednesday. The company had done an anchor allocation of 18.45 lakh shares on May 24, 2024, one working day ahead of the IPO opening. The anchor allocation was done across 9 anchor investors at the upper end of the price band at ₹147 per share. The price included the face value of ₹10 per share and the premium of ₹137 per share. Among the 5 major anchor investors were India Ahead Venture Fund (21.46%), Meru Investment Fund PCC (20.33%), AG Dynamic Fund (16.64%), Finavenue Growth Fund (11.11%), and Subhkam Ventures India Private Ltd (11.11%).

The total anchor size was ₹27.12 crore. Out of this anchor allocation 50% of the allocation will have a 1-month lock in up to June 29, 2024 and the balance 50% will have a 3-month lock-in up to August 28, 2024. The anchor portion was carved out of the QIB portion, as a result of which the QIB quota available in the IPO was reduced from 47.47% to 19.00%. With the IPO subscriptions closed as on May 29, 2024, the basis of allotment will be completed the next day on Thursday and the refunds and demat credits will happen on Friday. The stock lists on Monday, June 03, 2024.

Vilas Transcore - IPO subscription Status on Day-2

As of 5.10 pm on 28th May 2024, out of the 43.09 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Vilas Transcore saw bids for 1,184.97 lakh shares. This implies an overall subscription of 27.50X at a macro level at the close of Day-2 of the IPO. The granular break-up of subscriptions as of the close of the first day of the IPO of Vilas Transcore was as under:

QIBs (6.04X)

HNI / NII (28.54X)

Retail (39.32X)

The subscriptions were led by the retail investors followed by the HNI / NII investors and the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. There is a reason for this last day rush. The HNI / NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids, including the trust bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion and also the market making portion in the IPO.

Investor
Category

Subscription
(times)

Shares
Offered

Shares
bid for

Total Amount
(₹ in Crore)

Market Maker

1.00

3,26,000

3,26,000

4.79

Anchor Quota

1.00

18,45,000

18,45,000

27.12

QIB Investors

6.04

12,31,000

74,32,000

109.25

HNIs / NIIs

28.54

9,24,000

2,63,67,000

387.59

Retail Investors

39.32

21,54,000

8,46,98,000

1,245.06

Total

27.50

43,09,000

11,84,97,000

1,741.91

Data Source: NSE

The IPO is open up to May 29, 2024, at which point we will know the final subscription status of the IPO. The company had done an anchor allocation of 18.45 lakh shares on May 24, 2024, one working day ahead of the IPO opening. The anchor allocation was done across 9 anchor investors at the upper end of the price band at ₹147 per share. The price included the face value of ₹10 per share and the premium of ₹137 per share. Among the 5 major anchor investors were India Ahead Venture Fund (21.46%), Meru Investment Fund PCC (20.33%), AG Dynamic Fund (16.64%), Finavenue Growth Fund (11.11%), and Subhkam Ventures India Private Ltd (11.11%).

The total anchor size was ₹27.12 crore. Out of this anchor allocation 50% of the allocation will have a 1-month lock in up to June 29, 2024 and the balance 50% will have a 3-month lock-in up to August 28, 2024. The anchor portion was carved out of the QIB portion, as a result of which the QIB quota available in the IPO was reduced from 47.47% to 19.00%.

Vilas Transcore - IPO subscription Status on Day-1

As of 5.15 pm on 27th May 2024, out of the 43.09 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Vilas Transcore saw bids for 453.69 lakh shares. This implies an overall subscription of 10.53X at a macro level at the close of Day-1 of the IPO. The granular break-up of subscriptions as of the close of the first day of the IPO of Vilas Transcore was as under:

QIBs (5.35X)

HNI / NII (8.06X)

Retail (14.55X)

The subscriptions were led by the retail investors followed by the HNI / NII investors and the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion and also the market making portion in the IPO.

Investor
Category

Subscription
(times)

Shares
Offered

Shares
bid for

Total Amount
(₹ in Crore)

Market Maker

1.00

3,26,000

3,26,000

4.79

Anchor Quota

1.00

18,45,000

18,45,000

27.12

QIB Investors

5.35

12,31,000

65,81,000

96.74

HNIs / NIIs

8.06

9,24,000

74,49,000

109.50

Retail Investors

14.55

21,54,000

3,13,39,000

460.68

Total

10.53

43,09,000

4,53,69,000

666.92

Data Source: NSE

The IPO is open up to May 28, 2024, at which point we will know the final subscription status of the IPO. The company had done an anchor allocation of 18.45 lakh shares on May 24, 2024, one working day ahead of the IPO opening. The anchor allocation was done across 9 anchor investors at the upper end of the price band at ₹147 per share. The total anchor size was ₹27.12 crore. Out of this anchor allocation 50% of the allocation will have a 1-month lock in up to June 29, 2024 and the balance 50% will have a 3-month lock-in up to August 28, 2024. The anchor portion was carved out of the QIB portion, as a result of which the QIB quota available in the IPO was reduced from 47.47% to 19.00%.

Vilas Transcore – share allocation across categories

The table below captures the break-up of the overall share allocation to retail investors and to the HNI / NII investors. There is no QIB quota in this IPO, and the market maker allocation is the inventory that will be used by the market maker to provide liquidity in the counter post listing, to keep the bid-ask spreads low and reduce the risks of trading in the stock.

Investor Category

Shares Allocated in the IPO

Market Maker Shares

3,26,000 shares (5.03% of the total issue size)

Anchor Portion Allocation

18,45,000 shares (28.47% of the total issue size)

QIB Shares Offered

12,31,000 shares (19.00% of the total issue size)

NII (HNI) Shares Offered

9,24,000 shares (14.26% of the total issue size)

Retail Shares Offered

21,54,000 shares (33.24% of the total issue size)

Total Shares Offered

64,80,000 shares (100.00% of total issue size)

Data Source: Company RHP

The issue size, net of the market maker quota, has been divided between the QIB investors, retail investors and the HNI / NII investors.

About the IPO of Vilas Transcore

The stock of Vilas Transcore has a face value of ₹10 per share and it is a book built issue. The price for the book building issue is set in the price band of ₹139 to ₹147 per share. Being a book built issue, the final price will be discovered within this band. The IPO of Vilas Transcore has only a fresh issue component and no offer for sale (OFS) portion. While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and  hence is not EPS or equity dilutive. As part of the fresh issue portion of the IPO, Vilas Transcore Ltd will issue a total of 64,80,000 shares (64.80 lakh shares), which at the upper band IPO price of ₹147 per share aggregates to fresh fund raising of ₹95.26 crore. Since there is no OFS, the fresh issue size will also double as the overall issue. Therefore, the overall IPO size will also comprise of the issue of 64,80,000 shares (64.80 lakh shares) which at the upper band IPO price of ₹147 per share will aggregate to overall IPO size of ₹95.26 crore.

Like every SME IPO, this issue also has a market making portion with a market maker inventory allocation of 3,26,000 shares. Hem Finlease Private Ltd will be the market makers to the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs, post listing. The promoter holding in the company currently stands at 99.97%, which will get diluted post the IPO to 73.51%. The fresh issue funds will be used by the company for capex of its factory building, capex to acquire additional plant & machinery, and for funding strategic mergers and acquisitions in the market. Hem Securities Ltd will be the lead manager to the issue, and Bigshare Services Private Ltd will be the registrar to the issue. The market maker for the issue is Hem Finlease Private Ltd. The IPO of Vilas Transcore Ltd will be listed on the SME IPO segment of the NSE.

Next Steps in the Vilas Transcore IPO process

The issue opened for subscription on 27th May 2024 and closes for subscription on 29th May 2024 (both days inclusive). The basis of allotment will be finalized on 30th May 2024 and the refunds will be initiated on 31st May 2024. In addition, the demat credits are expected to also happen on 31st May 2024 and the stock will list on 03rd June 2024 on the NSE SME IPO segment. The credits to the demat account to the extent of shares allotted will happen by the close of 30th May 2024 under ISIN (INE0AZY01017).

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